Top 5 Business Finance Companies in 2024

Businesses require capital to start, operate, and grow. While most small businesses initially rely on personal funds, credit cards, or loans from friends and family, expanding operations often necessitates tapping into professional sources of financing. 

An Introduction to Business Financing Options

Before diving into specifics on the top providers, it’s helpful to review the main categories of business financing available. Three of the most common are:

Business Loans

Loans provide capital in exchange for interest payments and a committed repayment schedule. Business loan options include:

  • Term Loans: Fixed repayment amounts over a set number of years, often used for real estate, equipment, or other large purchases.
  • Lines of Credit: Flexible revolving credit up to an approved limit that can be borrowed against as needed. Interest accrues only on amounts used.
  • SBA Loans: Lower-rate loans guaranteed by the U.S. Small Business Administration for qualified small businesses. Like term loans but with SBA backing.

Venture Capital

Investments from funds or high-net-worth “angel” backers in exchange for equity ownership stakes. Better suited for high-growth companies with solid business plans and return potentials. Investors expect a high rate of return.


The process of raising small individual contributions from a large number of people—typically via online platforms—often in exchange for non-financial rewards or perks rather than equity stakes. Best used to raise funds for new business ideas or product launches.

Other options like merchant cash advances, invoice factoring, equipment leasing, and commercial real estate loans are also common depending on a company’s needs, credit profile, and stage of development. Understanding the variety enables businesses to identify the best fit.

The Top 5 Business Finance Companies for 2024

After comprehensively researching industry leaders based on criteria like available capital, product offerings, customer satisfaction ratings, digital capabilities, and growth projections, here are the top 5 business finance companies expected to stand out in 2024:

1. Kabbage

Known for its streamlined online lending platform and focus on small business customers, Kabbage has quickly become a top player. Projected to expand its already sizeable loan portfolios even further in 2024.

2. OnDeck Capital

As one of the earliest online lenders catering to small businesses, OnDeck brings deep expertise. Particularly strong for lines of credit and fast funding decisions through a digital-first process.

3. LendingClub

While best recognized for its peer-to-peer personal loans, LendingClub has steadily built out business loan offerings in recent years. Its large funding source gives it ample capacity for new customers.

4. Funding Circle

An international leader in online business lending with a strong U.S. presence. Excels at custom funding options tailored to a company’s specific needs and local market conditions.

5. Biz2Credit

Notably focused on underserved areas and providing access to capital for minority- and women-owned businesses. Continues to build new financing partnerships and alternative options beyond traditional loans.

Each company is examined in further detail below, with a focus on goals and strategy, product portfolio and eligibility requirements, funding capabilities and speeds, customer service approach, fees and interest rates, notable strengths, and growth areas. This analysis aims to paint a full picture for business owners to make the most informed choice for their financing needs in 2024 and beyond.

Deeper Analysis of Each Top Provider


Goals: Continue pioneering innovative digital lending solutions and expanding into new industry verticals. Grow total loan originations at least 25% year-over-year through 2024.

Products: Line of credit (up to $250k), term loans ($5k-$500k), paycheck protection program loans. For businesses with $50k-$10M annual revenues.

Funding Speeds: Instant underwriting decisions for lines of credit under $30k. 1-3 days for term loans and larger lines of credit.

Service Approach: Highly automated digital experience. Dedicated account managers once funded. Mobile responsive site and app.

Rates & Fees: APR 3.99%-19.99% depending on risk profile. No fees for lines of credit under $100k. 1-3% fees on loans.

Strengths: Market leader in automated lending. Strong technology platform and mobile tools. Large origination volume.

Growth Areas: Expanding credit limits and loan amounts. Building out new vertical-specific products. Pursuing larger business clients.

OnDeck Capital

Goals: Increase loan approvals and disbursements by 15-20% annually through superior digital experience and data analytics. Grow international presence.

Products: Lines of credit ($5k-$250k), term loans ($5k-$500k), merchant cash advances. Businesses with $150k-$10M revenues, 2+ years in business.

Funding Speeds: Most credit decisions are in 1 business day. Funds are disbursed in 2-4 business days on approved loans.

Service Approach: Streamlined online tools. Personal representative assigned post-funding for larger customers. Multi-channel support.

Rates & Fees: APR 6.95%-35.99%. Origination fees are 1%-5% of the loan amount. Late fees up to $25.

Strengths: Early mover advantage. Strong credit risk assessment and underwriting models. Well-established brand recognition.

Growth Areas: Improving mobile optimization. Launching new financing alternatives beyond traditional loans.


Goals: Continue optimizing the lending marketplace model. Scale volumes through expanding bank partnerships and auto-approval technology.

Products: Term loans ($5k-$500k). The lending marketplace connects approved small businesses with bank and investor funding sources for 3-year fixed-rate loans.

Funding Speeds: Most funding decisions are in 1-3 days. 

Service Approach: Online tools and marketplace platform. Phone support during business hours. Some larger business customer assistance via account managers.

Rates & Fees: Typically 6.95%-35.97% variable APR. 1-5% origination fee. Late fees are $15-38, and returned payment fees are $15-25.

Strengths: Large funding capacity through banking partnerships. The marketplace model shares credit risk. Loyal customer base.

Growth Areas: Increasing digital marketing to generate more small business applicants. Enhancing mobile functionality and tools.

Funding Circle

Goals: Continue innovating funding models and investing in digital capabilities. Expand presence across major metro markets in the UK, the US, and other regions.

Products: Term loans ($5k-$500k). Flexible repayment terms from 12-60 months tailored to individual company needs.

Funding Speeds: Most funding decisions are in 1-3 business days. Funds are available within five business days of approval, on average.

Service Approach: Personal guidance from local business financing specialists. Online management portal and mobile tools.

Rates & Fees: 5.5-13% APR. Origination fees up to 4% of the loan amount. Late payment fees up to $38. Security registration fees may apply for asset-based loans.

Strengths: Expertise in assessing alternative data sources. Holistic view into local market dynamics. International footprint with custom local offerings.

Growth Areas: Fine-tuning underwriting models using expanded data inputs. Launching product variations for distinct verticals or use cases.


Goals: Increase total funding volume to $5 billion annually by 2024. Strengthen technological capabilities to analyze more credit data sources. Launch new financing partnership programs.

Products: Term loans ($5k-$500k), lines of credit ($5k-$100k). Tailored options for women-owned, minority-owned franchises, and other underserved groups.

Funding Speeds: Most credit decisions are in 1-3 days. Funding is generally within five business days of approval, pending verifications.

Service Approach: Digital application, document uploads, and status tracking portal. Phone support. Network of alternative funding partners.

Rates & Fees: 6%-36% APR. 1-5% loan origination fees. Late fees are 5-10% of the overdue payment amount. Return payment fees are $25-35.

Strengths: Strong focus on increasing accessibility of financing. Robust referral network of alternative capital providers. Advocacy for the small business community.

Growth Areas: Automating more of the process through AI and machine learning. Continuous rollout of new capital partnerships. Global expansion

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